Competition rewards new entrepreneurs in Alabama

Staff report

Wednesday

Dec 12, 2012 at 12:01 AM

Registration starts today for the seventh annual Alabama Launchpad Start-up competition.The competition will award grants to entrepreneurs with the best business plans for high-growth, innovative business ventures that have the potential to grow and thrive in Alabama. The Launchpad competition is open to new, independent ventures in startup or early-growth stages and for the expansion of an existing business into a new high-growth market.In the past, the competition involved researchers at the state’s major universities who were interested in taking their discoveries and innovations to the marketplace. This year, the competition is open to all entrepreneurs in the state, according to the Economic Development Partnership of Alabama, which sponsors the competition in cooperation with Alabama State University, the University of Alabama, the University of Alabama at Birmingham, the University of Alabama in Huntsville, Auburn University and University of South Alabama. A total of $100,000 will be distributed among competition winners.Startups interested in applying must complete an online application and pay the $150 application fee. Teams accepted into the competition will be required to submit a business plan formatted and organized to the business plan template guidelines. The deadline for applying is Jan. 13. Applications, rules and a timeline can be found by visiting www.AlabamaLaunchpad.com.In the 2012 competition, four start-up companies affiliated with state universities shared in grant awards.Among them was MicroGreen Technologies from the University of Alabama, which received a $30,000 grant as seed money for its start-up. MicroGreen Technologies is developing a cost-effective, environmentally sustainable agricultural crop fertilizer that delivers phosphate to plant roots through plant’s beneficial microbes. Its product reduces phosphate requirements and offers cost savings for farmers, environmentally friendly and sustainable crop fertilization and decreased reliance on foreign phosphate sources, according to a summary of its plan.

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